MobileGo is back in selloff mode after failing to break past key resistance levels against bitcoin and ethereum.
MobileGo vs. Ethereum
MobileGo was rejected on its test of the 0.0024 resistance level and is now down 5.49% to ethereum. Price is currently testing an area of interest at the 0.0020 level and a bounce could take it up to the latest highs. On the other hand, a break below support could take it to the next floor at 0.0016.
Volume has been relatively subdued even as cryptocurrencies have regained the limelight on resurfacing geopolitical tensions. Over the weekend, North Korea conducted a larger missile launch test, leading South Korea to start prepping for a potential attack with a missile test of their own.
MobileGo vs. Bitcoin
Against bitcoin, MobileGo is down 16.33% even as China’s decision to ban ICO financing weighed on the industry. MobileGo is also testing an area of interest or former resistance at 0.00014 and if this holds as support, price could bounce back up to the 0.00018 swing high.
On the other hand, a break below the 0.00014 mark could take MobileGo down to the next floor around 0.00011 against bitcoin. Volume has also been relatively weak as traders may be waiting for more market catalysts to gauge how these cryptocurrencies could fare.
MobileGo vs. USD
Dollar demand has also been revived even after data from the economy hasn’t been so impressive. Hopes for a September hike have been dampened by the NFP report but it looks like this scenario has been priced in and traders are setting their sights on December instead.
Also, Chinese regulation is hurting interest in cryptocurrencies these days, although the more popular ones like bitcoin and ether have managed to outpace their peers. As it turns out, Chinese agencies like the People’s Bank of China, the Central Network Office, the Ministry of Industry and Information Technology, the State Administration for Industry and Commerce, the China Banking Regulatory Commission declared that “all types of currency issuance financing activities shall cease immediately.”
It also stated that regulation on trading platforms shall be tightened and that “persons or organizations who have completed ICOs shall refund the investors, protect the investors’ rights, and deal with the risks properly. “